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US automakers team up with tech companies to develop blockchain technology

There's a new association out to develop blockchain, also known for its use in cryptocurrency, for the automotive industry made up of auto and tech companies.

MOBI, the Mobility Open Blockchain Initiative, said at a conference in Dubai that General Motors, BMW, Renault, Bosch, ZF Friedrichshafen and IBM would be among its initial members. The group is helmed by industry veteran Chris Ballinger, who last month left his role as CFO and head of mobility services at Toyota Research Institute.

Blockchain is "a technology where the network effects will be very strong," Ballinger said. "If you're not in at the very start, it may be too late."

The consortium will work to ensure blockchain-based services can play nice with vehicles from multiple brands to avoid an annoying scenario in which a car can't transact with a system it's not compatible with. It also will host educational seminars for members.